NOVEMBER 16, 1998

Boardroom battles for Silverstone

THE SUNDAY TIMES in London reported last weekend that an $68m bid has been made for Silverstone racing circuit, the home of the British GP, by John Lewis, who has just resigned as chairman of Silverstone Estates, which manages the facility. If the bid is successful the 800 members of the British Racing Drivers' Club, which owns the track, would each receive $82,500. Lord Hesketh, chairman of the BRDC, is reported to be planning to write to the members to advise them that he feels that the bid is too low.

We understand that several bids have been received in recent months and rumors suggest that those interested include Rupert Murdoch's BSkyB satellite TV network and Silverstone's rival Brands Hatch Leisure, which wants to get Formula 1 racing back to the Kentish circuit.

While many members will object to the demutualisation of the circuit, the possible profits will certainly be an incentive to a large percentage of members. One option for the club is to float the company on the London Stock Exchange.